WHEN THE GOVERNMENT WANTS TO OFFER YOU BILLIONS, SHOULD YOU TAKE IT? NO THANKS SAY SEVERAL INSURERS!

Now that the various receivers of TARP funds have learned the hard way NOT to accept a government handout, others who thought about it or are being "baited" to accept are saying NO THANKS!

In a free market system, the ominous government restrictions on pay or benefits and other yet unknown restrictions have made it clear to businesses, that getting help from the government is bad.

The government cleared six big life insurance firms with banking subsidiaries to receive $22 billion in federal rescue funding this week. The goal: ease investor worries about the health of the sector.

But one of the six firms has already said it won't accept the funds, and two others are on the fence. Companies are weighing the merits of taking more capital against the complications of government involvement.

Ameriprise Financial (AMP, Fortune 500), the Minneapolis-based insurer that was formerly known as American Express Financial Advisors, said Friday it won't accept funds under Treasury's Troubled Asset Relief Program.

Two other big insurers - Prudential Financial (PRU, Fortune 500) of Newark, N.J., and Allstate (ALL, Fortune 500) of Northbrook, Ill. - said they are considering their options.

The comments come a day after three other big insurance firms received preliminary approval to receive TARP funds. The government offered to provide funding to Hartford Financial (HIG, Fortune 500) of Connecticut, Principal Financial (PFG, Fortune 500) of New York and Lincoln Financial (LNC, Fortune 500) of Philadelphia, according to the companies and Treasury.

Lincoln expressed enthusiasm for Treasury's decision, though it didn't explicitly say it would participate. The government cleared the company to received $2.5 billion in funds under the TARP capital purchase program.

"Access to the Treasury's Capital Purchase Program is a means to further enhance the company's financial flexibility and capital in what has continued to be an unprecedented economic environment," Lincoln Chief Executive Dennis Glass said in a statement Thursday evening. "We appreciate this preliminary approval for inclusion in the CPP program, subject to a final review of its terms and conditions."

Ameriprise, however, had a different take. The company applied for TARP consideration last fall, but has since decided it doesn't need the money.

"We applied in November at a time when Treasury was strongly encouraging healthy companies to apply for funding," said spokesman Benjamin Pratt in an email. "Our capital position and overall financial health has remained strong. WE DO NOT WANT ANY MONEY.